Brighton, VIC

Nine (9) recently completed apartments together with associated carparking lots

The Loan is secured by first registered mortgage over nine (9) recently completed apartments, together with associated carparking lots, in Brighton, VIC, approximately 11km south east of the Melbourne CBD.

The purpose of the Loan was to refinance the remaining construction debt over the nine (9) residential apartments and provide a Residual Stock Facility, whereby it is intended that the Loan and LVR will reduce during the Loan Term from sales of the Security Properties.

On completion of the sale of an individual Security Property, the Loan facility will be reduced by the agreed net sale proceeds and these funds will be returned to Investors.

The Security Property forms part of a larger development of 14 apartments, which was completed in March 2023 and is constructed over three (3) above ground level floors and two (2) basement parking levels.

The Borrower is a joint venture between the developer and an investment company. The Directors have significant experience in property investment and development, generating substantial income through a diverse portfolio of development property and other investments.

• The Loan was advanced at a Loan to Value Ratio of 65%.
• The Target Return is 9.20% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
• The Loan is supported by multiple joint and several guarantees and a General Security Agreement over the Borrower.
• Interest for the initial 6 months of the Loan Term has been lodged on deposit with the Manager.
• The Loan Term is 12 months, subject to early or late repayment, from 15 January 2024 to 14 January 2025.

Investment Details

• Target Return

  9.2% net

• Loan to Value Ratio

  65%

• Term

  8 Months

Full details, unique to each investment, are provided to Investors in a Supplementary PDS. These detailed Supplementary PDS’s are only available to Investors in Balmain Private.

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